Putting it All Together:
A tenant selection plan is a set of criteria that you establish to determine the acceptability of potential applicants. It’s helpful to create a tenant selection plan before you begin looking for applicants and accepting rental applications. This will create a fair process to help you avoid selecting tenants on a case by case basis and making judgment calls that could violate fair housing laws.
Some landlords think they may not need a tenant selection plan, but having an objective benchmark to evaluate applicants will give you the best chances of finding good tenants and avoiding problem tenants. In the long run having a tenant selection plan will save you money, protect your investment, and limit your liability.
Optional: Your Tenant Selection Plan Should Address: